Syndication28 Aug 2010 - 09:32:20 am
RP reduces growth targets on shrinking exports, factory output - Business - GMANews.TV - Official Website of GMA News and Public Affairs - Latest Philippine News
MANILA, Philippines - The Philippines?economic managers reduced growth targets for the second time this year after exports plunged and factory output fell in the first months of the year.
The inter-agency Development and Budget Coordinating Committee (DBCC) said that its growth forecast for this year was pegged between 3.1 percent and 4.1 percent, lower than 3.7 percent and 4.7 percent official target released in February.
Next year, its GDP expectations will also moderate between 4.4 percent and 5.4 percent, lower paul smith sale than previous goals of 4.9 percent to 5.8 percent.
For 2011 and 2012, the government is also seeing a modest expansion of the economy with growth rates of between 5.5 percent to 6.4 percent and 5.9 percent and 6.8 percent, respectively.
Exports had contracted for the fifth consecutive month in February, the National Statistics Office said.
During the same month, exports slipped by nearly 40 percent, about the same level of decline in January.
paul smith shop />
The government's export projection is now a decrease of between 13 percent and 15 percent, lower from the estimates of a decline by six percent to eight percent.
The Philippines?growth forecast was reduced after the International Monetary Fund and other multilateral agencies lowered its paul smith uk global economic projections, Dennis Arroyo, director for national planning and policy of the National Economic and Development Authority, said.
"There's also much lower projections of exports and imports," said Arroyo.
Although remittances from overseas Filipino workers expanded by 2.6 percent during the first two months this year, Arroyo said economic managers chose to be conservative to project a zero growth.
Shrinking factory output was also cited as a reason for the lower growth following the 19.9-percent slide in the volume of production index of the paul smith sale Monthly Integrated Survey of Selected Index by 19.9 percent in January.
Last year the Philippine GDP grew 4.6 percent, lower than paul smith sale the 7.2-percent growth recorded in 2007. - GMANews.TV
A Common Cause of Thinning Hair
The inter-agency Development and Budget Coordinating Committee (DBCC) said that its growth forecast for this year was pegged between 3.1 percent and 4.1 percent, lower than 3.7 percent and 4.7 percent official target released in February.
Next year, its GDP expectations will also moderate between 4.4 percent and 5.4 percent, lower paul smith sale than previous goals of 4.9 percent to 5.8 percent.
For 2011 and 2012, the government is also seeing a modest expansion of the economy with growth rates of between 5.5 percent to 6.4 percent and 5.9 percent and 6.8 percent, respectively.
Exports had contracted for the fifth consecutive month in February, the National Statistics Office said.
During the same month, exports slipped by nearly 40 percent, about the same level of decline in January.
paul smith shop />
The government's export projection is now a decrease of between 13 percent and 15 percent, lower from the estimates of a decline by six percent to eight percent.
The Philippines?growth forecast was reduced after the International Monetary Fund and other multilateral agencies lowered its paul smith uk global economic projections, Dennis Arroyo, director for national planning and policy of the National Economic and Development Authority, said.
"There's also much lower projections of exports and imports," said Arroyo.
Although remittances from overseas Filipino workers expanded by 2.6 percent during the first two months this year, Arroyo said economic managers chose to be conservative to project a zero growth.
Shrinking factory output was also cited as a reason for the lower growth following the 19.9-percent slide in the volume of production index of the paul smith sale Monthly Integrated Survey of Selected Index by 19.9 percent in January.
Last year the Philippine GDP grew 4.6 percent, lower than paul smith sale the 7.2-percent growth recorded in 2007. - GMANews.TV
A Common Cause of Thinning Hair
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